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RBI Governor Shashikant Das has given a big statement regarding cryptocurrency. Das has described the fast-moving cryptocurrencies as a clear threat. The RBI governor has said that anything that is without any underlying belief or value or whose value is determined only on the basis of perception is mere speculation with a sophisticated name. He has said that we should be mindful of the emerging risks on the horizon.
The RBI Governor has said that the stress test of this FSR (Financial Stability Report) has revealed that banks are facing serious and stressful economic challenges without falling below the minimum capital requirement. He said that despite the challenges in the recent past, the economy is on the path of recovery, but we need to deal strictly with inflation and geo-political challenges.
The RBI governor has said that technology has increased the reach of the financial sector. He has backed this, saying that while the benefits of technology must be fully harnessed, its potential to disrupt financial stability must also be guarded against. So security should not be compromised at all.
The RBI governor has said that as the financial system goes digital, cyber risk is also increasing. This requires special attention and caution.